Thursday, 13 August 2015

Punjab Government offers pre cleared land banks to investors

To boost industrialization in the state, Punjab has created banks of pre cleared land along with the  required power supply, announcing this  Punjab Deputy Chief Minister Mr. Sukhbir Singh Badal at an investors meet said that “Punjab is the only state which is offering pre land banks which are ready to be given for setting up of industries”. He further said that all these lands have all the necessary regulatory clearances like environment and adequate supply of electricity.

Punjab currently has 300 hectares of land bank expected to go up by 2000 hectares. Investors can come to Punjab he added and check for themselves and if they feel they could set up businesses here the Government of Punjab will provide all the help required.

He also reiterated that the state has surplus power supply and recently they have moved from conventional coal based thermal power to more environment friendly solar energy. Investors will be facilitated through Punjab Investors Office and the time taken to get all the required clearances for any project has come down to 38 days, with the target being 30 days in future. 

Mr Badal further elaborated that the “unified regulator” department has been so successful in the one year of its existence that Prime Minister Narendra Modi had sent a team to examine the viability of this system and whether there is a possibility of a India Investment Office for pan India projects.

In the last one this unified regulator has got investments worth 15,000 crores and cleared around 163 projects.

Apart from land banks and surplus power supply, the state government is also offering exemptions to the tune of 90% in value added tax (VAT), also there are provisions made for self-declaration of taxes, the idea being that after a few months there would be no inspector entering any factory premises and the factory owners would be filling the self-declaration forms for various taxes themselves.

Mr Badal also added that to get more land banks to woo investors there should not be any forcible land acquisition from farmers. He further said that he was of the firm belief that any land acquisition, whether for state or central projects, should be a prerogative of the state government and it should be acquired through proper consent of the farmer and should be for public use only. He further pointed out that the Punjab Government model of acquiring land is in everybody’s interest with land owners and farmers getting market price of their lands plus displacement allowance, also the landowners and farmers got plots in authorised colonies under land pooling scheme for acquisition.

At a time when land acquisition has become a politically a hot issue, Punjab State Government with its policy of pre cleared land banks with more than adequate power supply has created valuable real estate for investors to come and invest in Punjab, with the unified regulator being a success there is hope and expectation among real estate developers in Punjab that the growth that they were waiting to see in Punjab will happen sooner than later.

No comments:

Post a Comment